Have you purchased a hybrid or a clean-fuel vehicle for yourself or for your business? If so, you may be able to deduct some of the cost from your tax bill. Environmentally friendly may also mean tax friendly.
If you are being audited, there are 3 types of audits, financial, operational and compliance audits. Audits involve gather and evaluating sufficient evidence to determine weather the assertion from the IRS corresponds with the criteria.
Living outside the US while a US citizen can make for a very complicated tax return, especially if you received income and paid income tax in that country. A tax accountant can make sure that your return is filed accurately so you don't have to worry.
In a way, you can consider our enrolled agents to be treasure hunters. Our professionals love dealing with taxes, and it’s the drive to find money-saving bits of the tax law buried in the myriad of tax code that can help you, often in unexpected finds.
If you’re like many American taxpayers, you may be looking for easy ways to save money at tax time. While it can feel counterintuitive to pay someone to work on your taxes when you need to save money, your tax accountant can actually help you minimize your tax liability or increase your refund.
Assets = Liabilities + Equity. This is the statement of Financial Position and the new name of Balance Sheet according to the IFRS. The foundation for the balance sheet begins with the income statement which is Revenues - Expense = Net Income (or Net Loss).
It’s important to understand that while you can file an IRS Form 4868 for an extension, you cannot get an extension on what you owe the government. While you can postpone filing the return, you’re expected to make a good-faith estimate and pay that amount.
Like any government agency, the Internal Revenue Service has a certain amount of red tape and bureaucracy that you must go through in order to get a result. An enrolled agent is familiar with the ins and outs of the IRS and can represent you far more efficiently than you could yourself.
If you’re not saving all of your receipts, you are essentially throwing away money. Receipts and other documentation have become increasingly important as the IRS is demanding official records of charitable donations.
Starting a small business? Hiring a professional accountant is the best way to protect yourself from overpaying taxes as he or she is well versed in which deductions apply to your situation. An accountant can also help you grow your business more quickly.
What’s the difference between an accountant who is an enrolled attorney and one who is not? The enrolled agent has a vast knowledge of the IRS Tax Code that must be proven through a comprehensive exam or five years as an IRS employee dealing with tax issues. An accountant who is not also an enrolled agent does not have that same tax expertise.
Your situation changes every year. You are a little older; your family structure may have changed; your income level changes and other variables are constantly adjusting. A tax accountant helps you understand how your changes affect your tax responsibilities.
Small business owners are required to estimate the taxes they owe to the federal government on a quarterly basis. That can be complicated, but it’s important to file these estimates on time to avoid penalties. An EA accountant will make sure your business taxes are always filed timely.
When planning for your business taxes, it’s important to remember that a dollar spent does not equal a dollar’s worth of tax savings. Depending on your tax bracket and business structure, that dollar deduction will only translate to up to sixty cents in savings.
As a small business, who do you owe taxes to? There are various tax returns for all the different agencies, which include Local county or city, state, and federal. Some other areas you might not consider but still owe would be district, employee, property, sales, and payroll.
Contrary to popular perception, the 16th Amendment authorizing federal income taxes was not the first income tax law passed in the US. In 1861, for example, Congress passed the Revenue Act which authorized taxes on personal income to finance the Civil War.
Tax laws change every single year, sometimes in the last few days or the year. With a tax accountant you can get advice at the beginning of the tax year about how any changes in tax laws should change your personal or business strategies.
Pop Quiz: Q. Jamie Oliver buys steak, vegetables and olive oil for use on his cooking show. How should this purchase be recorded? A. As an expenditure on the income statement.
Did you know that the history of enrolled agents actually dates back to 1884? At this time Congress authorized the Enabling Act of 1884, giving the Secretary of the Treasury the authority to regulate who can represent individual citizens in their dealings with the Treasury Department.
When you're a small business owner, friends hand you the check for dining and drinks, saying, "But you can write it off!" What they don't understand is that doesn't make it free--you still have to pay for it!
One of the best indications of a quality tax professional is many satisfied clients. Therefore, searching for reviews from current and previous customers can help you find a tax professional that has both experience and expertise.
The role of the EA accountant is to handle individual and business tax matters and represent their clients with the IRS should the need arise. The concept of the “enrolled agent” was first established in 1884.
